The maker of diabetes pill Januvia and asthma and allergy medicine Singulair says net income was $1.79 billion, or 58 cents per share, down from $2.02 billion, or 65 cents per share, a year earlier.

Excluding one-time items, net income was $3.23 billion, or $1.05 per share, up from $2.95 billion, or 95 cents per share, in 2011's second quarter. That beat analysts' expectations of earnings per share of $1.01.